Golden Mile Tower En Bloc Sale 2022 – Prime D7
Following the successful en bloc sale of the nearby Golden Mile Complex earlier this year, Golden Mile Tower was put up for collective sale on Friday (Nov. 18) at a reserve price of S$650 million.
The region may see more revitalization as a result of the impending sale of the 99-year leasehold commercial development at 6001 Beach Road.
According to ERA Realty, their marketing agent, since the tender was launched, it has attracted a lot of interest from different parties.
The commercial property has great potential for redevelopment and use because of its excellent location around the city’s periphery, the agent added.
The Golden Mile Tower is a sentimental piece of Singapore’s past. We anticipate strong interest from developers and purchasers and are hopeful for a successful conclusion.
They also mentioned how recent projects like the mixed-use developments Duo and City Gate, as well as planned ones like Midtown Bay and The M Condo, had helped revitalize the Beach Road region.
Golden Mile Tower Prime Site Information
The gross floor area (GFA) of Golden Mile Tower is 38,953.72 square meters, with a plot size of 8,727 square meters (sq m).
The land is being offered for S$650 million, or S$1,550 per square foot per plot ratio, with a gross plot ratio of 4.46.
As the prime site is designated for commercial use according to the 2019 Master Plan, therefore, purchasers do not need to pay the additional buyer’s stamp duty (ABSD), and foreign ownership is not restricted.
Golden Mile Tower has a total of 405 strata lots that include 152 office units, 251 retail outlets, a cinema, and a carpark. It has a leasehold balance of 46 years at the moment.
The District 7 commercial property was built one year after its sister project, the Golden Mile Complex, in 1974.
The latter, which was gazetted for conservation as the first contemporary large-scale strata-titled development last year.
It was successfully sold en bloc in May to a partnership comprised of Far East Organization, Perennial Holdings, and Sino Land for S$700 million.
Both structures face the Kallang Basin and are easily accessible from Lavender, Nicoll Highway, and Bugis MRT stations.
The prime site is close to megamalls like Suntec City and Bugis Junction, as well as the Kampong Glam historic area.
Golden Mile Tower’s tender concludes on December 19 at 3 p.m.